Turkey: Foreign trade volume on rise with FTA countries

By Dilara Zengin

ANKARA

Turkey's foreign trade volume with 21 countries and the trade bloc -- European Free Trade Association (EFTA) -- with which the country has signed free-trade agreements (FTAs) jumped 35.3 percent to reach $41.6 billion in the last decade.

According to Turkish Statistical Institute's (TurkStat) data, foreign trade volume with 17 countries and blocs was on the rise; four countries saw decline between 2008 to 2017.

The volume increased the most with Palestine, up 337.7 percent, on percentage basis to reach $92.4 million in 2017 from $21.1 million; Serbia ($1.1 billion) and Malaysia ($3.4 billion) followed with 117.8 and 112.6 percent, respectively.

Meanwhile, on amount basis, the volume increased most with South Korea, up by $2.8 billion to $7.2 billion in 2017 from $4.4 billion in 2008. A free-trade deal was signed with South Korea in 2013.

The foreign trade volume dropped with Georgia, Tunisia, four EFTA countries -- Switzerland, Norway, Iceland and Liechtenstein -- and Syria. The free-trade deal with Syria was suspended in 2011 due to conflicts in the country.

FTAs provide exemption from custom taxes and remove restrictions between contracting party countries.

Turkey has signed 35 FTAs so far, 11 of which were repealed due to the countries' EU accession processes; three FTAs with Lebanon, Kosovo and Sudan will materialize after the deals get approved.

Turkey's total foreign trade volume was $390.82 billion that consisted of the country's imports ($233.8 billion) and exports ($157.02 billion).

Following is the foreign trade volume's change on percentage basis in the last decade, according to the TurkStat data: